This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Sims Metal Management Announces On–Market Share Buy–Back

Stocks in this article: SMS

Sims Metal Management (the “Company”) announced today that it will establish an on–market share buy–back as part of its capital management strategy.

The Board considers it appropriate to establish the buy–back program to provide the Company flexibility to repurchase shares, particularly during times of share market turmoil and share price volatility.

In announcing the buy-back program, Sims Metal Management Group CEO Daniel W. Dienst stated, “The Company remains committed to its growth strategy and will continue to execute on its organic and external growth opportunities. Effecting a repurchase of shares on the open market and perpetuating our growth objectives are not mutually exclusive propositions. We have maintained discipline with respect to our balance sheet so as to be positioned to opportunistically pursue accretive deployment of our shareholders’ precious capital. The current share price, impacted by global macroeconomic concerns, provides one such opportunity.”

Mr. Dienst continued, “In the last 12 months the Company completed a number of strategically important acquisitions including S3 Interactive Limited, Dunn Brothers, Device and ergoTrade, Metrade and Commercial Metal Recycling Services. These acquisitions were accomplished via free cash flow. As at 30 June 2011, the Company had net debt of 4 percent of total capital, providing significant balance sheet flexibility to fund growth initiatives, internal investment and in buying back shares under this capital management initiative.”

The program will allow the Company to buy back a maximum of 10% of its issued capital (20,603,871 shares) over a 12-month period on the Australian Securities Exchange. The timing and actual number of shares to be purchased will depend on market conditions and other considerations. There is no guarantee that the Company will repurchase the full 20,603,871 shares. The earliest the buy–back can commence is 24 October 2011.

Cautionary Statements Regarding Forward-Looking Information

This release may contain forward-looking statements, including statements about Sims Metal Management’s financial condition, results of operations, earnings outlook and prospects. Forward looking statements are typically identified by words such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project” and other similar words and expressions.

1 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,778.27 +421.40 2.43%
S&P 500 2,055.30 +42.41 2.11%
NASDAQ 4,740.6490 +96.3370 2.07%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs